An Empirical Study On The Relationship Between Ownership Structure And Performance

The development of Chinese tourism listed companies report 2014: the government and departments should promote the mixed ownership reform of enterprises, to build large tourism group, tourism industry of the reform of state-owned enterprises should walk in the forefront of the country, do some bold exploration. Can be seen from the report puts forward mixed ownership reform and adjustment of ownership structure in the company have got the attention of the travel industry, because in the equity structure is the company’s size the interests of the shareholders and the different properties. Due to the different shareholders’ interests and value, will directly affect the company’s governance structure, so as to get the company operating under the influence of the different performance, thus the correlation between ownership structure and corporate performance problem has always been a concern in different industries. China’s tourism industry is highly competitive, and the current tourist class a shares of listed companies of state-owned shares, accounted overweight phenomenon still exists. Report for the development of the mixed ownership reform is beneficial to all categories of tourism listed company? Different categories of tourism listed company equity structure on the operating performance of companies what is the relevance? How equity structure that is beneficial to improve the corresponding categories of operating performance of listed tourism companies? These questions guiding this study from the perspective of corporate governance to study tourism listed company’s equity structure and business performance.Research about the company’s equity structure and business performance has a lot of, but in this particular tourism industry field of research is less, part of the research is for the tourism industry as a whole. In reference on the basis of predecessors’ research results of this study, with the method of combining quantitative and qualitative empirical analysis our country in order to manage the three categories of tourism of different main business division of the correlation between ownership structure and operating performance of listed companies, enriched in the field of tourism industry in our country about the research of ownership structure and business performance.This article first properly selecting samples and analyzes the scenic spots, hotels, the integrated tourism listed company ownership structure in the first big shareholder shareholding and the present situation of the proportion of state-owned shares is; And thenuse the scientific method to measure the scenic area, the hotel, the integrated tourism business performance of listed companies, clear different categories tourism status quo of operating performance of listed companies; Secondly the empirical validation of scenic spots, hotels, the integrated tourism relationship between ownership structure and operating performance of listed companies and the big six conclusions. Finally on the basis of the above theory and empirical for different categories of tourism listed companies the relationship between ownership structure and business performance, respectively, puts forward the suggestion of optimizing equity structure, at the same time points out the shortage of this paper and the future research direction.